MILWAUKEE, Aug. 28, 2023 /PRNewswire/ -- MGIC Investment Corporation (NYSE: MTG) today announced that it has exercised its option to redeem all of its outstanding 9.00% Convertible Junior Subordinated Debentures due 2063 (the "Debentures"). The redemption date is September 20, 2023, and the redemption price is equal to the principal amount of the Debentures being redeemed plus any accrued and unpaid interest. 

The Debentures are convertible into shares of MGIC common stock at a rate of 77.9620 shares per $1,000 principal amount.  Under the terms of the Debentures, MGIC may pay cash in lieu of issuing shares.  As of the date hereof, there was approximately $21.1 million aggregate principal amount of the Debentures outstanding.

About MGIC

Mortgage Guaranty Insurance Corporation ("MGIC") (www.mgic.com), the principal subsidiary of MGIC Investment Corporation, serves lenders throughout the United States, helping families achieve homeownership sooner by making affordable low-down-payment mortgages a reality through the use of private mortgage insurance.

From time-to-time MGIC Investment Corporation releases important information via postings on its corporate website, and via postings on MGIC's website, and it intends to continue to do so in the future. Such postings include corrections of previous disclosures and may be made without any other disclosure. Investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information for MGIC Investment Corporation alerts can be found at https://mtg.mgic.com/shareholder-services/email-alerts. For information about our underwriting and rates, see https://www.mgic.com/underwriting.

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SOURCE MGIC Investment Corporation